Bankin Intro, Pvt and National Bank List, Banking History

8/3/2019 Bankin Intro, Pvt and National Bank List, Banking History

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http://www.bestindiansites.com/top-companies/banks/

Top 10 Banks of India

Ever since the emergence of banking in India in the last decades of the 18th century, the sector

witnessed a considerable growth irrespective of economic volatility and unstable political premise.

Banking sector of India still maintains its reputation as one of the most persistently lucrative sector that

runs on regular government intervention and well-conceived economic policies. Reserve Bank of India,considered the supervisor of all the commercial banks in India, is the main regulator and these financial

institutions have to adhere to its governance. India has about 88 commercial banks including 31 private

banks, 27 public sector banks and 38 foreign banks. The country has an aggregate of 53,000 bank

branches and 17,000 ATMs. Public sector banks dominate the segment with 75%of the total assets of

the industry held by them. On this page you will find the

List of Top 50 Banks In India, and also the list of Top 10 Global Banks. Following are the names of the

best banks in India.

List Of Top 10 Banks Of India:

State Bank of India:

SBI is the oldest bank of India and also India's largest commercial bank. This government owned bank

was established in the year 1806.It is also the second largest bank in the globe. The bank provides a

wide array of banking products through their effective network not only on India but also overseas. The

bank has about 16,000 branches and is also accountable for one-fifth of the loans of India. It has about

8500 ATMs across the nation.

ICICI Bank:

This is the second largest bank in India with about 1,419 branches and 4,644 ATMs spread countrywide.

It is among the top commercial banks of India providing a wide range of banking services through varied


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delivery channels. Besides offering high-end banking facilities like Internet banking, Phone Banking and

Mobile Banking, ICICI also plays a pivotal role in the domains of investment banking, venture capital and

asset management and life and non-life insurance. It has its presence in 18 countries across the world

including UK, Canada, Russia and others.

AXIS Bank:

One of the top private banks in India, it was earlier known as the Unit Trust of India (UTI) since it was

promoted by the same organization. It was first among the new private banks to have started its

operations in the year 1994. AXIS has its significant presence in about 4509 districts of India with a wide

network of over 729 branch offices and Extension Counters. With around 3171 ATMs, the bank provides

round the clock banking convenience. This Indina bank has amassed a capital of more than Rs. 350

crores and enjoys equal sway over retail and corporate banking.

HDFC Bank:

It is also among the top banks of India offering various banking services for the customers like Personal

Banking, NRI Services, Net Banking, Online Remittances and others. The year 2008 has been very

prosperous for HDFC as it won a host of awards for being the best retail bank and also the best among

other Indian banks to adopt Information Technology. With a total income of more than Rs. 5,400 crores,

it demands a significant position in Indian banking industry. The bank has about 1,500 branches and

2,890 ATMs in 530 Indian cities.

Bank of India:

The bank provides many services like Mobile Banking & Payments,online Tax Payment, Pay Bills, OnlineTrading in Shares,Internet Banking,Book Ticket and many more.Browse the site for more information

and services.


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Category:Banking technology

From Wikipedia, the free encyclopedia

Subcategories

This category has the following 4 subcategories, out of 4 total.

A

(4 P)

B

(2 P)

E

(17 C, 324 P)

R

(1 C, 11 P)

Pages in category "Banking technology"

The following 71 pages are in this category, out of 71 total. This list may not reflect recent changes

(learn more). 1

1LINK

A

Amazon Payments

ATM SafetyPIN software

ATMC


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Automated Clearing House

Automated teller machine

B

Banelco

List of Bank Identification Numbers

Bankgiro

C

CEN/XFS

Center of Financial Technologies (CFT)

Cheque truncation

Contactless smart card

SUBE card

Cryptography

Currency-counting machine

D

Delivery versus payment

Direct corporate access

E

Ecash

EFaktura

Electronic bill payment

Electronic Bill Payment & Presentment

Electronic billing

Electronic funds transfer E cont.

Electronic money


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Electronic remittance advice

EWise

F

Faster Payments Service

Financial cryptography

First Data

FloristWare POS System

H

Hardware security module

I

I2c Inc

Instant payment notification

J

J/XFS

M

Magnetic ink character recognition

Magnetic stripe card

MNET

Mobile banking

Money changer

O

OneVu

Online banking

Online Banking ePayments

Online savings account


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Open Payment Initiative

ORCA (Internet currency platform)

Out of wallet

P

Pan-European Automated Clearing House


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Banking in India

From Wikipedia, the free encyclopedia

Structure of the organised banking sector in India. Number of banks are in brackets.

Banking in India originated in the last decades of the 18th century. The first banks were The General

Bank of India, which started in 1786, and Bank of Hindustan, which started in 1790; both are now

defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of

Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was one of the three

presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which

were established under charters from the British East India Company. For many years the Presidency

banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to form the

Imperial Bank of India, which, upon India's independence, became the State Bank of India.


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History

Indian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a consequence

of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and still functioning today, is

the oldest Joint Stock bank in India.(Joint Stock Bank: A company that issues stock and requires

shareholders to be held liable for the company's debt) It was not the first though. That honor belongs to

the Bank of Upper India, which was established in 1863, and which survived until 1913, when it failed,

with some of its assets and liabilities being transferred to the Alliance Bank of Simla.

When the American Civil War stopped the supply of cotton to Lancashire from the Confederate States,

promoters opened banks to finance trading in Indian cotton. With large exposure to speculative

ventures, most of the banks opened in India during that period failed. The depositors lost money and

lost interest in keeping deposits with banks. Subsequently, banking in India remained the exclusivedomain of Europeans for next several decades until the beginning of the 20th century.

Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoire d'Escompte de

Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862; branches in Madras and

Pondicherry, then a French colony, followed. HSBC established itself in Bengal in 1869. Calcutta was the

most active trading port in India, mainly due to the trade of the British Empire, and so became a banking

center.

The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in

Faizabad. It failed in 1958. The next was the Punjab National Bank, established in Lahore in 1895, which

has survived to the present and is now one of the largest banks in India.

Around the turn of the 20th Century, the Indian economy was passing through a relative period of

stability. Around five decades had elapsed since the Indian Mutiny, and the social, industrial and other

infrastructure had improved. Indians had established small banks, most of which served particular

ethnic and religious communities.

The presidency banks dominated banking in India but there were also some exchange banks and a

number of Indian joint stock banks. All these banks operated in different segments of the economy. The

exchange banks, mostly owned by Europeans, concentrated on financing foreign trade. Indian joint

stock banks were generally under capitalized and lacked the experience and maturity to compete with


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the presidency and exchange banks. This segmentation let Lord Curzon to observe, "In respect of

banking it seems we are behind the times. We are like some old fashioned sailing ship, divided by solid

wooden bulkheads into separate and cumbersome compartments."

The period between 1906 and 1911, saw the establishment of banks inspired by the Swadeshi

movement. The Swadeshi movement inspired local businessmen and political figures to found banks of

and for the Indian community. A number of banks established then have survived to the present such as

Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.

The fervour of Swadeshi movement lead to establishing of many private banks in Dakshina Kannada and

Udupi district which were unified earlier and known by the name South Canara ( South Kanara ) district.

Four nationalised banks started in this district and also a leading private sector bank. Hence undivided

Dakshina Kannada district is known as "Cradle of Indian Banking".

During the First World War (19141918) through the end of the Second World War (19391945), and

two years thereafter until the independence of India were challenging for Indian banking. The years of

the First World War were turbulent, and it took its toll with banks simply collapsing despite the Indian

economy gaining indirect boost due to war-related economic activities. At least 94 banks in India failed

between 1913 and 1918 as indicated in the following table:Years Number of banks

that failed Authorised capital

(Rs. Lakhs) Paid-up Capital

(Rs. Lakhs)

1913 12 274 35

1914 42 710 109

1915 11 56 5

1916 13 231 4

1917 9 76 25

1918 7 209 1

[edit]


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Post-Independence

The partition of India in 1947 adversely impacted the economies of Punjab and West Bengal, paralyzing

banking activities for months. India's independence marked the end of a regime of the Laissez-faire for

the Indian banking. The Government of India initiated measures to play an active role in the economic

life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a

mixed economy. This resulted into greater involvement of the state in different segments of the

economy including banking and finance. The major steps to regulate banking included:

The Reserve Bank of India, India's central banking authority, was nationalized on January 1, 1949 under

the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b).[Reference

www.rbi.org.in]

In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) "to

regulate, control, and inspect the banks in India."

The Banking Regulation Act also provided that no new bank or branch of an existing bank could be

opened without a license from the RBI, and no two banks could have common directors.

[edit]

Nationalisation

Banks Nationalisation in India: Newspaper Clipping, Times of India, July 20, 1969

Despite the provisions, control and regulations of Reserve Bank of India, banks in India except the State

Bank of India or SBI, continued to be owned and operated by private persons. By the 1960s, the Indian

banking industry had become an important tool to facilitate the development of the Indian economy. At

the same time, it had emerged as a large employer, and a debate had ensued about the nationalization

of the banking industry. Indira Gandhi, then Prime Minister of India, expressed the intention of the

Government of India in the annual conference of the All India Congress Meeting in a paper entitled

"Stray thoughts on Bank Nationalisation." The meeting received the paper with enthusiasm.

Thereafter, her move was swift and sudden. The Government of India issued an ordinance and

nationalised the 14 largest commercial banks with effect from the midnight of July 19, 1969.

Jayaprakash Narayan, a national leader of India, described the step as a "masterstroke of political

sagacity." Within two weeks of the issue of the ordinance, the Parliament passed the Banking


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Companies (Acquisition and Transfer of Undertaking) Bill, and it received the presidential approval on 9

August 1969.

A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for

the nationalization was to give the government more control of credit delivery. With the second dose of

nationalization, the Government of India controlled around 91% of the banking business of India. Later

on, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the

only merger between nationalized banks and resulted in the reduction of the number of nationalised

banks from 20 to 19. After this, until the 1990s, the nationalised banks grew at a pace of around 4%,

closer to the average growth rate of the Indian economy.

[edit]

Liberalisation

In the early 1990s, the then Narasimha Rao government embarked on a policy of liberalization, licensing

a small number of private banks. These came to be known as New Generation tech-savvy banks, and

included Global Trust Bank (the first of such new generation banks to be set up), which later

amalgamated with Oriental Bank of Commerce, Axis Bank(earlier as UTI Bank), ICICI Bank and HDFC

Bank. This move, along with the rapid growth in the economy of India, revitalized the banking sector in

India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely,

government banks, private banks and foreign banks.

The next stage for the Indian banking has been set up with the proposed relaxation in the norms for

Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could

exceed the present cap of 10%,at present it has gone up to 74% with some restrictions.

The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4-

6-4 method (Borrow at 4%;Lend at 6%;Go home at 4) of functioning. The new wave ushered in a modern

outlook and tech-savvy methods of working for traditional banks.All this led to the retail boom in India.

People not just demanded more from their banks but also received more.

Currently (2007), banking in India is generally fairly mature in terms of supply, product range and reach-

even though reach in rural India still remains a challenge for the private sector and foreign banks. In

terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and

transparent balance sheets relative to other banks in comparable economies in its region. The Reserve


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Bank of India is an autonomous body, with minimal pressure from the government. The stated policy of

the Bank on the Indian Rupee is to manage volatility but without any fixed exchange rate-and this has

mostly been true.

With the growth in the Indian economy expected to be strong for quite some time-especially in its

services sector-the demand for banking services, especially retail banking, mortgages and investment

services are expected to be strong. One may also expect M&As, takeovers, and asset sales.

In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak

Mahindra Bank (a private sector bank) to 10%. This is the first time an investor has been allowed to hold

more than 5% in a private sector bank since the RBI announced norms in 2005 that any stake exceeding

5% in the private sector banks would need to be vetted by them.

In recent years critics have charged that the non-government owned banks are too aggressive in their

loan recovery efforts in connection with housing, vehicle and personal loans. There are press reports

that the banks' loan recovery efforts have driven defaulting borrowers to suicide.[1][2][3]

[edit]

Adoption of banking technology

The IT revolution had a great impact in the Indian banking system. The use of computers had led to

introduction of online banking in India. The use of the modern innovation and computerisation of the

banking sector of India has increased many fold after the economic liberalisation of 1991 as the

country's banking sector has been exposed to the world's market. The Indian banks were finding it

difficult to compete with the international banks in terms of the customer service without the use of the

information technology and computers.

Number of branche of scheduled banks of India as of March 2005


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The RBI in 1984 formed Committee on Mechanisation in the Banking Industry (1984)[4] whose chairman

was Dr C Rangarajan, Deputy Governor, Reserve Bank of India. The major recommendations of this

committee was introducing MICR[5] Technology in the all the banks in the metropolis in India.This

provided use of standardized cheque forms and encoders.

In 1988, the RBI set up Committee on Computerisation in Banks (1988)[6] headed by Dr. C.R.

Rangarajan which emphasized that settlement operation must be computerized in the clearing houses

of RBI in Bhubaneshwar, Guwahati, Jaipur, Patna and Thiruvananthapuram.It further stated that there

should be National Clearing of inter-city cheques at Kolkata,Mumbai,Delhi,Chennai and MICR should be

made Operational.It also focused on computerisation of branches and increasing connectivity among

branches through computers.It also suggested modalities for implementing on-line banking.The

committee submitted its reports in 1989 and computerisation began form 1993 with the settlement

between IBA and bank employees's association.[7]

IN 1994, Committee on Technology Issues relating to Payments System, Cheque Clearing and Securities

Settlement in the Banking Industry (1994)[8] was set up with chairman Shri WS Saraf, Executive Director,

Reserve Bank of India. It emphasized on Electronic Funds Transfer (EFT) system, with the BANKNET

communications network as its carrier. It also said that MICR clearing should be set up in all branches of

all banks with more than 100 branches.

Committee for proposing Legislation On Electronic Funds Transfer and other Electronic Payments

(1995)[9] emphasized on EFT system. Electronic banking refers to DOING BANKING by using

technologies like computers, internet and networking,MICR,EFT so as to increase efficiency, quick

service,productivity and transparency in the transaction.


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Number of ATMs of different Scheduled Commercial Banks Of India as on end March 2005

[7]

Apart from the above mentioned innovations the banks have been selling the third party products like

Mutual Funds, insurances to its clients.Total numbers of ATMs installed in India by various banks as on

end March 2005 is 17,642.[10]The New Private Sector Banks in India is having the largest numbers of

ATMs which is followed by SBI Group, Nationalized banks, Old private banks and Foreign banks.[7]The

total off site ATM is highest for the SBI and its subsidiaries and then it is followed by New Private Banks,

Nationalised banks and Foreign banks. While on site is highest for the Nationalised banks of

India.[7]BANK GROUP NUMBER OF BRANCHES ON SITE ATM OFF SITE ATM TOTAL ATM

NATIONALISED BANKS 33627 3205 1567 4772

STATE BANK OF INDIA 13661 1548 3672 5220

OLD PRIVATE SECTOR BANKS 4511 800 441 1241

NEW PRIVATE SECTOR BANKS 1685 1883 3729 5612

FOREIGN BANKS 242 218 579 797


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http://www.banknetindia.com/pvtbanklinks.htm

Directory of Banks in India

Old Private Sector Banks

1. Bank of Rajasthan Ltd. - Click here

2. Catholic Syrian Bank Ltd. - Click here

3. City Union Bank Ltd.- Click here

4. Dhanalakshmi Bank Ltd. - Click here

5 Federal Bank Ltd - Click here

6. ING Vysya Bank Ltd. - Click here

7. Jammu and Kashmir Bank Ltd.- Click here

8 Karnataka Bank Ltd. - Click here

9. Karur Vysya Bank Ltd.- Click here

10. Lakshmi Vilas Bank Ltd.- Click here


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11. Nainital Bank Ltd.- Click here

12. Ratnakar Bank Ltd. - Click here

13. SBI Commercial and International Bank Ltd. - Click here

14. South Indian Bank Ltd. - Click here

15. Tamilnad Mercantile Bank Ltd. - Click here

16. United Western Bank Ltd. - Click here


New Private Sector Banks

1. Bank of Punjab Ltd. (since merged with Centurian Bank)

2. Centurian Bank of Punjab (since merged with HDFC Bank)

3. Development Credit Bank Ltd. Click here


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4. HDFC Bank Ltd. Click here

5. ICICI Bank Ltd. Click here

6. IndusInd Bank Ltd. Click here

7. Kotak Mahindra Bank Ltd. Click here

8. Axis Bank (earlier UTI Bank) Click here

9. Yes Bank Ltd. Click here


Directory of Public Sector Banks- Nationalised Bank Websites

1. Allahabad Bank - Click here

2. Andhra Bank - Click here


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16. UCO Bank - Click here

17. Union Bank of India - Click here

18. United Bank of India - Click here

19. Vijaya Bank - Click here

The first bank in India to be given an ISO Certification Canara Bank

The first bank in Northern India to get ISO 9002 certification for their selected branches Punjab and Sind

Bank

The first Indian bank to have been started solely with Indian capital Punjab National Bank

The first among the private sector banks in Kerala to become a scheduled bank in 1946 under the RBI

Act South Indian Bank

India's oldest, largest and most successful commercial bank, offering the widest possible range of

domestic, international and NRI products and services, through its vast network in India and overseas

State Bank of India

India's second largest private sector bank and is now the largest scheduled commercial bank in India

The Federal Bank Limited

Bank which started as private shareholders banks, mostly Europeans shareholders Imperial Bank

of India

The first Indian bank to open a branch outside India in London in 1946 and the first to open a branch in

continental Europe at Paris in 1974 Bank of India, founded in 1906 in Mumbai

The oldest Public Sector Bank in India having branches all over India and serving the customers for the

last 132 years Allahabad Bank


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The first Indian commercial bank which was wholly owned and managed by Indians Central Bank of

India.

Documents

Bankin Intro, Pvt and National Bank List, Banking History